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The CPI measures (a) measures the prices of all goods purchased by individuals and non-profit institutions (b) the average cost of goods and services purchased by individuals and firms (c) the average cost of the goods and services purchased by consumers (d) the average price of food and fuel, the most volatilely-priced purchased goods
The CPI measures
(a) measures the prices of all goods purchased by individuals and non-profit institutions
(b) the average cost of goods and services purchased by individuals and firms
(c) the average cost of the goods and services purchased by consumers
(d) the average price of food and fuel, the most volatilely-priced purchased goods
Expert Solution
The correct answer is (c) the average cost of the goods and services purchased by consumers
The CPI or the consumer price index measures the retail prices of goods and services consumers typically pay over a period of time. This also measures the purchasing power of the currency and its effect on the cost of living in the country.
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